Kerala High Court
Muhsina N.K vs The Authorized Officer on 25 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
THURSDAY, THE 25TH DAY OF APRIL 2024 / 5TH VAISAKHA, 1946
WP(C) NO. 16149 OF 2024
PETITIONER:
MUHSINA N.K
AGED 23 YEARS
D/O ABDUL SALEEM N.K., LAILA MANZIL,
NORTH KARASSERY, MUKKOM,
KOZHIKODE DISTRICT, PIN - 673602
BY ADVS.
JEFRIN JOSE
ARCHANA K.S.
S.SURESH BABU
RESPONDENTS:
1 THE AUTHORIZED OFFICER
STRESSED ASSETS RECOVERY BRANCH II,
STATE BANK OF INDIA, R.S. BUILDING,
M.G. ROAD, ERNAKULAM,
PIN - 682011
2 STATE BANK OF INDIA
SMEC KOZHIKODE, 1ST FLOOR,
SBI CALICUT BRANCH, BANK ROAD,
MANANCHIRA, KOZHIKODE DISTRICT
REPRESENTED BY BRANCH MANAGER,
PIN - 673001
SMT. S. LAKSHMI - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 25.04.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
WP(C) NO.16149 OF 2024
2
JUDGMENT
The petitioner is challenging the recovery proceedings initiated against him under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner has availed a credit facility from the respondent Bank and consequent to the default committed by the petitioner in repaying the amount, the said account is declared as NPA. Accordingly, recovery proceedings have been initiated which is impugned in this writ petition.
2. Heard.
3. The learned counsel appearing for the Bank submits that as on date, an amount of Rs. 32,62,777/- is in arrears/outstanding. It is submitted by the learned counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioner to repay the said amount in reasonable monthly instalments.
In such circumstances, this writ petition is disposed WP(C) NO.16149 OF 2024 3 of granting an opportunity to the petitioner to clear the entire amount along with interest, in 12 equal monthly instalments commencing from 01/06/2024 onwards. The subsequent instalments shall be paid by the petitioner on 1st day of every month. In case of default on the part of the petitioner in payment of any of the instalments, the aforesaid facility shall stand cancelled, upon which the Bank will be at liberty to proceed with the recovery proceedings. Subject to the above direction, the recovery proceedings against the petitioner is directed to be kept in abeyance.
Sd/-
ZIYAD RAHMAN A.A. JUDGE sms WP(C) NO.16149 OF 2024 4 APPENDIX OF WP(C) 16149/2024 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 3/1/2024 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER Exhibit P2 A TRUE COPY OF THE REPLY NOTICE DATED 22/1/2024 ISSUED BY THE COUNSEL OF THE PETITIONER TO THE 2ND RESPONDENT Exhibit P3 A TRUE COPY OF THE NOTICE DATED 8/2/2024 ISSUED BY THE 1ST RESPONDENT BANK TO THE PETITIONER Exhibit P4 A TRUE COPY OF THE BANK STATEMENT OF THE PETITIONER'S LOAN ACCOUNT DATED 5/4/2024 EVIDENCING THE LOAN AVAILED BY THE PETITIONER UNDER STAND UP INDIA SCHEME